N
FRIDAY, APRIL 28, 1989
COMMENCEMENT OF SECURITIES AND FUTURES COMMISSION ORDINANCE 1989
IN PROVISIONS THE MOST OF
THE SECURITIES AND
FUTURES 13 THIS YEAR WILL BE COMMISSION (SFC) ORDINANCE, ENACTED ON APRIL
AFFAIRS, MR BROUGHT INTO EFFECT ON MAY 1, THE SECRETARY FOR MONETARY DAVID NENDICK, SAID TODAY (FRIDAY).
THE
GOVERNOR
HAS
SFC
THE ORDINANCE, UNDER SECTION 1(2) OF APPOINTED MAY 1, 1989 AS THE ESTABLISHMENT DAY FOR THE SFC.
AND COMMODITIES
AND
THE OFFICE OF THE COMMISSIONER FOR SECURITIES TRADING WILL BE DISESTABLISHED UPON ESTABLISHMENT OF THE SFC ITS DUTIES AND FUNCTIONS WILL BE TRANSFERRED TO THE SFC.
ALL
"ALL PROVISIONS OF THE SFC ORDINANCE, EXCEPT SECTIONS 27(1)
122 AND 123 OF THE (8), 30, 31 AND 32, AND THE REPEAL OF SECTIONS
2, IN
SHALL SCHEDULE
COME SECURITIES
MR NENDICK SAID. OPERATION UPON THE ESTABLISHMENT OF THE SFC,
(CAP.333) ORDINANCE
"
INTO
REGISTERED ARE ΤΟ
SECTION 27(1) TO (8) OF THE ORDINANCE REQUIRIES ALL PERSONS TO NOTIFY THE SFC OF THE PREMISES WHERE THEIR RECORDS BE KEPT.
INVESTMENT
INFORMATION RELATING TO SECTION 31 ENABLES THE SFC TO OBTAIN TRANSACTIONS IN SECURITIES, FUTURES CONTRACTS AND PROPERTY ARRANGEMENTS.
סיף
THESE TWO SECTIONS IN
REGISTERED PERSONS
NEW REGISTRATION
THE
"WE ARE DEFERRING THE COMMENCEMENT OF
FOR BOTH THE ORDER TO GIVE SUFFICIENT TIME
THE WITH COMPLIANCE PREPARE THEMSELVES FOR REQUIREMENTS AND FOR THE SFC TO PREPARE RULES AND GUIDELINES FOR KEEPING OF RECORDS, MR NENDICK EXPLAINED.
"
EFFECT
ARE
BE BROUGHT INTO OTHER PROVISIONS WHICH WILL NOT CONSEQUENTIAL TO THE DEFERRAL IN COMMENCING THE ABOVE TWO SECTIONS.
WILL
"THE DEFERRAL IN BRINGING THESE PROVISIONS INTO OPERATION
THE SFC. WE INTEND TO BRING NOT AFFECT THE INITIAL OPERATIONS OF
WHEN BOTH THE THEM INTO EFFECT IN THE COURSE OF THE NEXT FEW MONTHS MARKETS AND THE SFC ARE READY," HE SAID.
REGISTRATION OF DEPOSIT-TAKING COMPANY REVOKED
*
OF
THE COMMISSIONER OF BANKING ANNOUNCED THAT THE REGISTRATION
REVOKED GULF FINANCE CO. LIMITED AS A DEPOSIT-TAKING COMPANY HAS BEEN
(FRIDAY) AT ITS OWN REQUEST UNDER AT THE CLOSE OF BUSINESS TODAY SECTION 31(2) OF THE BANKING ORDINANCE.
13